PONCE FINANCIAL GROUP INC Stock Price, News & Analysis

Ponce Financial Group, Inc. has appointed Mr. Luis Gonzalez, Jr. as Executive Vice President and Chief Operating Officer, effective April 1, 2022. With 15 years of experience at the Office of the Comptroller of the Currency, Mr. Gonzalez is expected to positively impact the management of Ponce Bank. CEO Carlos P. Naudon and Executive Chairman Steven A. Tsavaris praised his industry knowledge and community focus. Ponce Financial Group serves as the holding company for Ponce Bank, which is committed to minority and community development lending.

Ponce Financial Group announced the appointment of James Perez to its Board of Directors during a meeting on March 17, 2022. This expansion increases the board size from seven to eight members. Perez, a well-respected figure in the New York/New Jersey business community, has over 32 years of banking experience with Ponce Bank and extensive expertise in retail and real estate sectors. His nomination for election at the upcoming Annual Meeting on May 25, 2022, aims to enhance the company's focus on minority and community-based initiatives, as emphasized by both the CEO and Executive Chairman.

Ponce Financial Group, Inc. (NASDAQ: PDLB) reported a significant rise in financial performance for Q4 2021, with net income soaring to $15.0 million, compared to $2.1 million in Q3 2021 and $1.6 million in Q4 2020. This increase was largely driven by a $15.4 million gain from the sale of real properties. Net interest income also rose by 43.8% year-over-year to $16.8 million, reflecting improved interest rates. Total assets increased by 22.0% to $1.65 billion, and stockholders’ equity grew by 18.6% to $189.3 million. As of December 31, 2021, non-performing loans slightly decreased to $11.4 million.

Ponce Financial Group, Inc. (NASDAQ: PDLB) successfully completed the conversion of Ponce Bank Mutual Holding Company from a mutual to a stock form on January 27, 2022. This change resulted in Ponce Financial Group becoming the holding company for Ponce Bank, while the previous mutual holding companies ceased to exist. Shareholders of PDL will convert their shares at a ratio of 1.3952 to Ponce Financial Group common stock. The new stock will begin trading on Nasdaq on January 28, 2022, with expected outstanding shares of approximately 24.7 million.

PDL Community Bancorp (NASDAQ: PDLB) announced the approval of the reorganization plan at a special meeting held from December 28, 2021, to January 7, 2022. The plan involves Ponce Financial Group becoming the holding company for Ponce Bank and Mortgage World. A total of 13,317,391 shares are expected to be sold at $10.00 per share, with public shareholders receiving approximately 1.395 shares of Ponce Financial Group stock for each share of PDL stock. Additionally, Ponce Financial Group will contribute 399,522 shares to the Ponce De Leon Foundation. The conversion's closing date is still pending.

PDL Community Bancorp (NASDAQ: PDLB) announced results from its subscription offering and approval of a conversion plan at a special stockholders' meeting on December 28, 2021. Shareholders approved Ponce Financial Group as the new holding company for Ponce Bank and Mortgage World Bankers. The subscription offering aims to sell 13,242,195 shares at $10 each. Upon conversion, public shareholders will receive 1.38733 shares of Ponce Financial for each PDL share held. The closing date for this transaction and the funding of the Ponce De Leon Foundation is pending customary conditions.

The Ponce De Leon Foundation has awarded $320,000 in grants to various nonprofits, contributing to a total of over $1 million since its establishment in 2017. The funding aims to enhance community services, supporting initiatives such as Alzheimer’s care, therapeutic counseling, and workforce development programs. Executive Director Madeline V. Marquez emphasized their dedication to improving community quality of life. Major beneficiaries include the Association of Community Employment Programs for the Homeless and the Latino Pastoral Action Center, each receiving substantial financial assistance.

Ponce Bank, a subsidiary of PDL Community Bancorp (PDLB), finalized the sale of a property in Jackson Heights, Queens, for $11.8 million. The net book value was $7.8 million as of November 30, 2021. Following the sale, the Bank entered a 17-year lease agreement to lease back the property at an initial annual rent of $530,000, with a 2.0% annual increase. CEO Carlos P. Naudon expressed enthusiasm about the transaction, emphasizing ongoing investments in community safety and stakeholder value enhancement for 2021.